Representative Jeb Hensarling, a Republican from Texas, called The Consumer Financial Protection Bureau (CFPB) a "rogue agency," complaining that the CFPB has no entity to check its power and that "we have set up, basically, a dictator," according to CNBC. The bureau, rolled out as part of Dodd-Frank, is designed to protect consumers from financial fraud. Earlier in the week, Texas Senators Ted Cruz and John Ratcliffe introduced a bill to dismantle the CFPB. Meanwhile, Hensarling, who is also the House Financial Services chairman—though not opposed to the proposed legislation—has suggested divvying up the CFPB's powers among several federal-level institutions and agencies.
While past studies have identified potential fraud victims from a demographic perspective, a new AARP study seeks to identify victims based on their psychological mindset and behavioral characteristics. Specifically, the study found that victims were more likely to measure success in life by wealth accumulation, with 60 percent of victims agreeing with the statement, “Some of the most important achievements in life include acquiring money.” Victims also tend to have a high degree of confidence in unregulated investments, with nearly half of them agreeing with, “The most profitable financial returns are often found in investments that are not regulated by the government.” They also trade more actively than the general public, with 42 percent making five or more investment decisions per year. Victims were also more open to unsolicited phone and email sales pitches, the survey found.
Jemstep, Invesco's digital advice platform, will be made available early this year to more than 1,500 independent RIAs that custody with Shareholders Service Group (SSG). Dan Skiles, the president of SSG, said in a statement that they "believe that Jemstep's market-leading technology combined with Invesco's history of delivering investment solutions will help RIAs to grow their practices efficiently while improving their ability to serve their clients."